Supply Zone on USD/JPY

Supply Zone on USD/JPY

An interesting technical pattern has been observed on the USD/JPY currency pair. At the moment, the trading instrument is testing the key supply zone of 110.000-110.150. Demand for safe assets is still high expecting the next round of trade negotiations between Washington and Beijing. In the near future, we do not exclude the correction of the USD/JPY quotes after a significant rally from the end of January. Local support is the level of 109.700. We recommend paying attention to this situation.

If the price fixes below 109.700, one should consider selling USD/JPY. The immediate goal for profit taking is the support level of 109.400. The movement is tending to the 61.8% correction zone (109.150-109.000). When tracking positions, we recommend using a trailing stop.

by JustForex 2019.02.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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